Unlocking Access – July 2026

India’s credit ecosystem has undergone a decade of transformation, expanding access while deepening engagement. This report explores how growth is now being shaped by broader inclusion across new borrower segments and stronger participation among consumers with more than 5 years of retail credit experience, signaling a shift from expansion-led growth to one defined by progression, resilience, and responsible credit behaviour -

• Credit growth is entering a more mature phase. Penetration has expanded significantly, but credit active growth is moderating—requiring a shift toward more targeted and sustainable strategies
• Increased participation from women, younger consumers, and rural India is driving broader inclusion and reshaping the credit landscape
• Borrowers are progressing deeper within the ecosystem. Rising credit maturity and movement across products—from microfinance to retail and business credit—reflect stronger engagement and financial evolution.